© Dukascopy Bank SA
"The story for the Canadian dollar has been one of weakness that has stretched to all commodity currencies as China has slowed and oil and other commodities drop."
-Toronto-Dominion Bank (based on Bloomberg Businessweek)
Pair's Outlook
We are observing choppy sessions lately which suggest that pair is losing its drive and drop predicted by technical indicators on 1W chart is just around the corner. However, it is likely pair will remain in 0.98xx range till the end of the week as breaching it was not easy and it is unlikely pair will give it up easy as well.
Traders' Sentiment
Traders continue to be bullish on the pair as amount of long positions on the pair is at 72% mark for the second day. In addition, buy orders constitute to 63% of all orders, indicating that support for the pair in lower levels is has picked up again.
© Dukascopy Bank SA